S&P 500 index be expected to fall further toward the next support level 5400.00 (former minor support from the middle of August).
– S&P 500 index reversed from resistance area
– Likely to fall to support level 5400.00
S&P 500 index continues to fall inside the sharp downward correction ii, which stared earlier from the resistance area located between the key resistance level 5665.00 (which stopped the previous sharp impulse wave 1 in the middle of July, as can be seen from the daily S&P 500 chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Stat Doji – which started the active short-term downward correction ii.
Given the strength of the aforementioned resistance area and the intensification of the bearish sentiment as seen across the equity markets today, S&P 500 index be expected to fall further toward the next support level 5400.00 (former minor support from the middle of August).
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